1pm update - hilarity in the metals

The precious metals saw rather sharp declines overnight, but we've seen some extremely powerful reversals this lunch hour, with Gold +$40 at one point. Silver has similarly reversed. Main indexes remain strong, ahead of Tuesdays next mid-sized dose of POMO.


sp'60min

GLD, daily

Summary

The bulls got rattled..and exited..and now the gold bears got rattled..and short-stopped out. On the 1min chart, its pure hilarity as everyone is getting whipsawed all over.

On the bigger daily charts, it does look like we have a double bottom on Gold, and a marginally lower low on Silver. Underlying MACD cycle is divergent, and suggestive of reasonable upside..at least in the short term.

I am still hyper-bearish in the mid-term for metals
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*I am seriously considering an SLV (long) for a mult-day trade, but not until the next 15min down cycle has played out. That looks likely to take until early Tuesday..so there is NO hurry for today on that.
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